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Insider's Guide to Real Estate in Playa Vista
2/18/2023: More San Francisco homes selling below asking price. Could that trend come to L.A.?
This Week's Contents
1. This Week in Playa Vista
2. Hollywood's Culver City Push Raises Gentrification Worries
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: none
3c. Phase 1 - Condos/Townhomes For Sale: 5 listings (2 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 4 listings (1 new!)
4. This week's avg 30-yr fixed-rate: 6.32%
5. More San Francisco Homes Selling Below Asking Price. Could That Trend Come to L.A.?
6. California's Persistently Shrinking Population — And The Reasons Why
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Low Inventory Again | Yet again the inventory in Playa Vista remains very low, with 4 properties going into contract this week and 3 new ones hitting the market. The two SFH listings are both under contract now and no more SFH are currently for sale. 2//More Skylars | The popular Skylar condos continue to exchange hands the most this year. This week, a top-floor Skylar went into contract and a new top-floor Skylar was listed. Recently, Skylar HOA passed a new rule that prohibits investors from purchasing and renting out these homes. 3//Mortgage Rates | Average 30-year mortgage rates ticked up this week (from 6.12% to 6.32%), up for the second straight week. It is curious to see if this upward trend continues, which could slow down the rate of sales as we head into spring with more inventory expected.
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Hollywood's Culver City Push Raises Gentrification Worries
by Wendy Lee, Los Angeles Times, 2/16/2023
Long known as “the heart of screenland” because of its role in Hollywood history, Culver City has lately taken on a different nickname thanks to an influx of digital video giants — “the heart of streamland.”
But the city’s transformation into a hub for tech giants and streaming studios — including Amazon, HBO and TikTok — has created a classic case of neighborhood tension, between the big companies and local business leaders promising jobs on one side and longtime residents who fear the ongoing march of gentrification on the other.
The latest example in that tug-of-war: a proposed 4.5-acre campus for Apple Inc. and its growing streaming TV and music operations.
Read more by Wendy Lee at: Los Angeles Times
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: no change
There are no new homes this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $4,148,995 avg price
This week: none
There are no new homes this week!
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 3 listings, $1,566,000 avg price
This week: 5 listings, $1,378,400 avg price (2 new!)
Concerto Lofts #424, 13045 Pacific Promenade
$1,600,000| 2BR, 2BA | 1610 SF
MLS #NDP2300224MR
Coronado #407, 7100 Playa Vista Drive
$1,699,000 (reduced) | 4BR, 3BA | 2108 SF
MLS #22-203807
The Metro #320, 5625 Crescent Park
$1,499,000 | 3BR, 3BA | 2180 SF
MLS #SB22243806MR
Villa d'Este #105, 5935 Playa Vista Drive
$1,195,000 | 3BR, 2BA | 1442 SF
new! MLS #23-241467 - open house Tues (2/21)
Waterstone #302, 6400 Crescent Park
$899,000 | 2BR, 2BA | 1210 SF
new! MLS #23-240995 - open Sun (2/19) & Tues (2/21)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,241,238 avg price
This week: 4 listings, $2,253,750 avg price (1 new!)
Mason, 5837 Village Drive #4
$2,390,000 | 3BR, 3BA | 2141 SF
MLS #23-236761 - open Sun (2/19)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
Skylar, 12650 Sandhill Lane #3
$2,150,000 | 3BR, 3BA | 1909 SF
new! MLS #23-242228 - open Sat (2/18) & Sun (2/19)
Skylar, 12695 Sandhill Lane #2
$2,180,000 (reduced) | 3BR, 3BA | 2026 SF
MLS #22-218334
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This week's avg 30-yr fixed-rate: 6.32%
Mortgage rates moved up for the second consecutive week. The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist.
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More San Francisco Homes Selling Below Asking Price. Could That Trend Come to L.A.?
by Christian Martinez, Los Angeles Times, 2/11/2023
The San Francisco Bay Area has developed a famous (or infamous) reputation over the years for its housing prices, driven in part by the tech industry’s mammoth presence in the region, with cash-flush workers who could parlay stocks into down payments.
“Historically, the Bay Area has almost always had homes sell for more than asking price on average,” said Daryl Fairweather, chief economist for real estate website Redfin.com, in an interview with The Times.
But new data reveal that if not a buyer’s market, then the Bay Area is a more buyer-friendly market. Homes are, relatively, cheaper — and a similar pattern may be manifesting in Los Angeles.
Read more by Christian Martinez at: Los Angeles Times
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California's Persistently Shrinking Population — And The Reasons Why
by Ben Christopher, Cal Matters, 2/17/2023
In 2021, it was big news — the “California exodus.” Now, it just looks like the new trend: California’s population is still shrinking.
According to the latest population estimates from the U.S. Census Bureau, California’s total population declined by more than 500,000 between April 2020 and July 2022.
Put another way, 1 out of 100 people living in California at the beginning of the COVID-19 pandemic had, two years later, left the state — either by U-Haul or by hearse.
Read more by Ben Christopher: Cal Matters
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in December
Avg List Price of homes sold: $1,229,043
Average Sold Price: $1,212,059
Average Sold $/SF: $815.10
No. Homes Sold: 8
Sold Range: $474,343 - $2,039,000
Single Family Homes - Sold in December
Avg List Price of homes sold: $1,900,000
Avg Sold Price: $1,910,000
Sold $/SF: $844.01
No. Homes Sold: 2
Sold Range: $1,850,000 - $1,970,000 source: data compiled from The MLS
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Brought to you by Playa Vista Premiere
The hardest working team in real estate
Dennis Hsii, MBA
CalDRE License #01919746
dennis@playavistapremiere.com
(844) 99-PLAYA
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